Union Budget 2015 Highlights | Current Affairs, Current Affairs 2017

Union Budget 2015 Highlights

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Union Budget 2015 HighlightsPresenting the national budget for the next fiscal, Finance Minister Arun Jaitley said,  “I am presenting the union budget in an economic environment which is far more positive than in the recent past. While major economies of the world face difficulties, India is poised for higher growth trajectory,” Jaitley said as he started his budget speech in the Lok Sabha.

Highlights of Union Budget 2015:

* Changes in excise on tobacco items, including cigarettes, paan masala and gutkha

* Tax exemption for contributions to ‘Swachh Bharat Abhiyan’ and ‘Clean Ganga Fund’ by corporates as part of CSR

* Increase in limit of deduction in health insurance from Rs.15,000 to Rs.25,000

* For senior citizens, this limit to be increased from Rs.30,000 from present Rs.10,000

* Deduction limit of Rs.60,000 on account of serious diseases to be enhanced to Rs.80,000 for senior citizens

* Exemption on contributions to Pension Fund hiked from Rs.1 lakh to Rs.1.5 lakh per year

* All investment payments in ‘Sukanya Scheme’ will be fully exempted from tax

* Transport allowance exemption raised from Rs.800 to Rs.1,600 per month

* Wealth Tax to be abolished and additional two percent tax on super rich to yield Rs.9,000 crore annually

* Excise duty on footwear with leather uppers to be reduced to six percent

* Service tax and education levy to be consolidated from 12.36 percent to 14 percent

* Swachh Bharat cess of two percent, if necessary

* Law against Benami property in fight against black money

* Quoting PAN essential in property transactions

* Splitting of transaction not to be permitted

* Tax regime to be rationalised

* Applicability of General Avoidance Rules (GAR) to be deferred by two years in view of problems faced in its implementation

* Non-Plan expenditure in 2015-16 estimated at Rs.1,312,200 crore; Plan expenditure estimated at Rs.465,277 crore

* Tax collection in 2015-16 estimated at Rs.1,449,490 crore

* Corporate tax to be reduced to 25 percent from 30 percent in four years

* Rigorous imprisonment of up to 10 years for concealing income

* Prevention of Money Laundering Act to be amended to provide for forfeiture of property in India if the one abroad cannot be attached

* Exemption to individual tax payers to continue

* In last nine months several steps taken to effectively deal with problem of black money

* Comprehensive new law to be brought against black money

* New structure to be put in place in banking sector for seamless integration of data

* Adequate provision for defence with Rs.246,727 crore earmarked this year

* Fully IT-based student-help facility for needy students

* Eastern states to be given opportunity to develop faster. Special boost to Bihar and West Bengal as in the case of Andhra Pradesh and Telangana

* Good progress in DMIC corridor and other infra-projects. Rs.1,200 crore earmarked and additional funds if pace of work picks up on ongoing projects

* Procurement law to be drawn up to ensure transparency and remove corruption

* Centenary of Deen Dayal Upadhyay to be celebrated; committee for this to be set up soon

* During 2015-16 AIIMS-like institutes to be set up in Jammu and Kashmir, Punjab, Tamil Nadu and Himachal Pradesh; Bihar to get second AIIMS-like institution

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